DOT
63-02
Contact: Lenny Alcivar
Tel.: (202) 366-4570
Wednesday, June 26, 2002
JOINT STATEMENT OF NORMAN Y. MINETA, SECRETARY OF TRANSPORTATION AND JOHN ROBERT SMITH, CHAIRMAN OF THE BOARD, AMTRAK
We are pleased to report excellent progress in intensive conversations between the Department of Transportation and the Amtrak Board of Directors aimed at resolving the short-term financial crisis facing the railroad. Tonight the parties have reached an agreement in principle on an approach to meet this important objective. Significant details are still being finalized, and no final agreement has been signed. We are confident that, with Congressional support, Amtrak services will not be disrupted.
The proposed approach will involve a combination of immediate financial assistance from the Department and a joint request by Amtrak and the Bush Administration for Congressional support. The Secretary and the Chairman will brief Members of Congress and consult with Congressional leaders tomorrow before finalizing details of the proposed agreement.
Congressional
action then would be needed following the July recess.
The proposed agreement would accomplish the following jointly held
objectives of the Administration and Amtrak.
·
Improve Amtrak’s financial discipline and performance.
·
Make Amtrak’s financial and operating performance transparent to the
public.
·
Provide federal policymakers with a better understanding of
Amtrak’s long-term assets and liabilities, and its cost control and
revenue options.
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